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Auditing Profession Act, 2005 (Act No. 26 of 2005)

Notices

Regulatory Strategy for Independent Regulatory Board for Auditors

Part B : IRBA Mandate

Constitutional Mandate

 

The IRBA subscribes to the principles of co-operative government and good inter-governmental relations. Similar to Chapter 9 institutions, the IRBA is independent and subject only to the Constitution and the laws of the Republic of South Africa. As an independent regulator, it must be impartial, exercise its powers and perform its functions without fear, favour or prejudice, and always do so in the public interest.

 

Independent regulation of the auditing profession by the IRBA results in:

 

• A positive impact on the auditing profession through inspections, standard-setting and ethical requirements.
• Addressing the protection of the public-interest by dealing appropriately with RA’s and RCA’s found guilty of improper conduct.
• Monitoring of audit quality and the ADP, which enable the IRBA to identify weaknesses, risks and challenges in the auditing profession.
• Participation in global standard-setting and oversight activities, to maintain an objective and independent approach to standard setting and regulation to respond to identified weaknesses in auditing standards and then strengthen auditing standards.
• Educating stakeholders on the role of auditing and auditors in contributing to a positive effect on capital markets, ensuring that investors’ trust in the independence of auditors and the strength of regulation is enhanced.
• Developing and maintaining RAs’ competencies through the Competency Framework, accreditation and monitoring of professional bodies and monitoring of CPD.